10X Research: Bitcoin falls into a liquidity trap, and the market may reverse. CEO Markus Thielen of 10X Research pointed out that after the 2024 U.S. election, Bitcoin could rapidly rise to $90,000, but then retreat to $87,000 due to a liquidity vacuum, facing negative options gamma at $75,000, which causes market makers to sell futures. The market situation might reverse at $60,000. Odaily Planet Daily reports that during the Consensus Hong Kong conference, Markus Thielen stated: “After the November 2024 election, Bitcoin quickly surged from $70,000 to $90,000 within just 10 to 12 days. During this process, trading activity was very sparse, creating a large gap—a liquidity vacuum. So when Bitcoin fell back to $87,000, it entered this liquidity trap. What happened next was: at the $75,000 level, a large amount of negative options gamma appeared. This meant market makers had to hedge, constantly selling futures. As the final wave of negative gamma was absorbed at $60,000, the market situation could reverse.”